Shuaa discloses $8.83m exposure to Abraaj
(7/12/2018 7:55:00 AM)
Shuaa Capital said on Wednesday it has an $8.83 million (Dh32.43 million) exposure, along with its clients, to embattled private equity firm Abraaj.
The total exposure amounts to 3.6 per cent in the Abraaj Buyout Fund, with $4.9 million on Shuaa’s account and $3.9 million on their clients account, the company said in a statement posted on Dubai Financial Market’s website.
This disclosure was among the 29 statements issued by companies including Emaar Properties and Emaar Development, du and Damac to the DFM pointing to no exposure to the private equity firm. The UAE’s Securities and Commodities Authority (SCA) had earlier asked listed companies to disclose any exposure they might have to the private equity firm.
Dubai Islamic Bank said it does not have any direct exposure. However, some employees of Abraaj may have taken loans from the bank. Earlier, Air Arabia revealed that it had about $336 million invested in Abraaj’s funds while Dana Gas has about $6 million invested in the Abraaj Infrastructure Fund.
Dubai-listed Mashreq is one of a group of lenders that have reportedly provided money to Abraaj on a bilateral basis under secured loans, but it has not disclosed any details on that loan.
Other lenders include the Commercial Bank of Dubai, Noor Bank and French bank Societe Generale.